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FTSE100 Analysis – June 19
FTSE100 shows signs of a trend reversal to the downside. The market appears to be in a distribution phase as buying momentum fails to increase. The Moving Average Convergence Divergence (MACD) indicator also reflects bearish sentiment, as the MACD line has crossed below the signal line, with the histogram showing increasing negative bars. This crossover indicates a potential continuation of the downward movement.
FTSE100 Key Levels
Resistance Levels: $8372.0, $8474.0
Support Levels: $8113.0, $7216.0
FTSE100 Long-Term Trend: Bearish
The price action on the FTSE 100 chart shows a clear failure swing pattern, which often precedes a reversal. The price recently failed to sustain the breakout above the $8470.0 level, leading to a sharp decline. The market found some support around the $8140.0 level, but the inability to break back above the $8370.0 resistance suggests weakness. The bearish order block (OB) around $8140 has been tested and seems to only trigger a short rally.
The projection for the FTSE 100 is bearish, with the price likely to face further downside pressure. If the $8113.0 level fails to hold, the next target might be below $8000.0. A break below this could accelerate the decline towards the $7790.0 level. Typically, unless a massive rally invalidates the $8474.0 resistance, the FTSE 100 is expected to continue its bearish trajectory for a long time.
FTSE100 Short-Term Trend: Bullish
The FTSE 100 index on the four-hour chart began exhibiting a bullish expansion after invalidating the $8148.0 swing low. This ongoing expansion is likely a short-term retracement, expected to end around $8372.0. For those looking for trading opportunities and insights, following the best Forex signals on Telegram can provide valuable information and timely updates.
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